Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
ITAT set aside the disallowance of agricultural income exemption for AY 2016-17 after finding that supporting bills and invoices had been filed but not considered, while land ownership and agricultural use evidence remained incomplete; the matter was remanded for fresh adjudication with opportunity to file further material. The deletion of the addition under section 69 for unexplained investment in immovable properties was also vacated because the appellate relief had been based on additional evidence not properly dealt with, and the applicability of section 69 was left open for the Assessing Officer. For AY 2020-21, the denial of agricultural income exemption was remanded because relied-upon adverse material was not clearly confronted to the assessee, requiring fresh decision after hearing.
ITAT set aside the disallowance of agricultural income exemption for AY 2016-17 after finding that supporting bills and invoices had been filed but not considered, while land ownership and agricultural use evidence remained incomplete; the matter was remanded for fresh adjudication with opportunity to file further material. The deletion of the addition under section 69 for unexplained investment in immovable properties was also vacated because the appellate relief had been based on additional evidence not properly dealt with, and the applicability of section 69 was left open for the Assessing Officer. For AY 2020-21, the denial of agricultural income exemption was remanded because relied-upon adverse material was not clearly confronted to the assessee, requiring fresh decision after hearing.
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